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ARABIAN DRILLING ANNOUNCES SUCCESSFUL START-UP OF FIRST 10 UNCONVENTIONAL LAND RIGS
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| Announcement Detail | Al-Khobar, KSA – 05 November 2024: Arabian Drilling, (Tadawul symbol: 2381), one of the major national onshore and offshore drilling contractors in Saudi Arabia, is pleased to announce that it has successfully completed the safe start-up of all 10 Unconventional Land Rigs from the first award announced in Q3’23. The 10 brand new rigs were deployed steadily over the last 6 months through close collaboration between the Arabian Drilling team, its OFSAT subsidiary, Saudi Aramco, the Saudi Ports Authority, the Zakat, Tax and Customs Authority and other logistics partners. The three additional rigs from the second award received in Q1’24 are expected to start by Year End, ahead of the initial deployment target. All 13 rigs come with a five-year firm contract duration, contributing SAR 3.85 billion to the Backlog. Ghassan Mirdad, Chief Executive Officer of Arabian Drilling, commented: “We are very pleased to have successfully completed the safe deployment of the first 10 Unconventional Land rigs with the additional 3 rigs from the second award set to come online before year end, ahead of our ambitious initial schedule, through excellent collaboration with our partners and the Authorities. The addition of these 13 Unconventional Land Rigs to our fleet is an important milestone as we continue to meet growing demand in the gas sector and rebalance our fleet mix to sustain growth.” |
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The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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